Oh, what joy! The saga of the WazirX hack, which has left its victims in more agony than a summer in Siberia, takes yet another dramatic turn. The Singapore High Court, in its infinite wisdom, convened on May 13, 2025, to discuss WazirX’s restructuring efforts after the unforgettable $230 million crypto hack last year. But alas, no grand resolutions were offered. Instead, the Court extended the moratorium on claims until June 6, and the company was asked to submit more paperwork by May 23. Truly, a never-ending theater of bureaucratic drama.
Update from Court Hearing
The hearing for SUM 940 took place on 13 May 2025 before the Singapore Court. While no orders were made at this stage, the Court has directed the Company to file a further affidavit(s) by 23 May 2025, and extended the existing moratorium to 6 June…
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) May 14, 2025
Is Another Delay Coming? What a Surprise!
With bated breath, WazirX has stirred just a smidgen of hope among its user base. The restructuring plan, which may or may not bring salvation to those poor souls affected by the hack, is now under careful review. According to WazirX, a whopping 93.4% of users supposedly support the proposal, which promises a paltry 85% of stolen funds being returned. If all goes well (which is highly questionable), disbursements could start in a mere 10 business days. Of course, nothing is ever that simple, right?
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The Hack That Rocked India… and Not in a Good Way
Back in July 2024, WazirX experienced what can only be described as an event worthy of a Hollywood blockbuster—minus the happy ending. A whopping ₹2,000 crore worth of assets (roughly $230 million) vanished into thin air, and fingers were pointed directly at the Lazarus Group, the North Korea-linked band of merry hackers. In a desperate bid to mitigate the chaos, WazirX froze nearly 55% of its users’ holdings and halted trading altogether. The result? A shattered user base, wondering if they’ll ever see their funds again. Spoiler alert: They probably won’t.
The Final 15% Still Drifting in the Abyss
While the restructuring plan offers a glimmer of hope, there’s still the small issue of the remaining 15% of lost assets. For some reason, this part of the puzzle remains shrouded in mystery. Users, already on the edge of a nervous breakdown, are still waiting for some sign of life from the platform. Is it possible that the final 15% will eventually come back? One can only dream. But at least now, there’s a tiny flicker of hope amidst the overwhelming dread.
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FAQs
What happened to WazirX?
WazirX was hacked for $230 million, with the Lazarus Group suspected to be behind the cyberattack.
What is the current status of WazirX’s restructuring plan?
The Singapore High Court extended the moratorium to June 6, 2025, requesting further affidavits by May 23.
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2025-05-15 08:42